Members of the Kenyan security forces inspect the scene, as a body lies covered by a sheet, outside the African Inland Church in Garissa, Kenya.
Members of the Kenyan security forces inspect the scene, as a body lies covered by a sheet, outside the African Inland Church in Garissa, Kenya.

Kenyan churches attacked by gunmen, grenades, killing 17



NAIROBI // Gunmen killed at least 17 people and wounded 40 in gun and grenade attacks on two churches yesterday, Kenyan security officials said.

Police commander Philip Ndolo said the bloodiest attack was on the African Inland Church in Garissa, a town about 195 kilometres west of the Somali border.

Attackers threw two grenades inside the church, only one of which exploded, Mr Ndolo said.

But as the congregation stampeded out of the church, gunmen opened fire, doing significantly more damage. At least 17 people died and about 37 were wounded at the church, he said. "We were deep in prayers preparing to give our offerings," said David Mwange, a churchgoer.

"We first had a loud bang from outside which we mistook to be coming from the rooftops. We then had gun shots which made us to lie down. Within no time we had gunshots all over. Everybody was shouting and wailing in pain."

Meanwhile, at another Catholic church in Garissa, an attacker threw a grenade, wounding three people.

The Vatican yesterday denounced the attacks. "The bloody attacks in Kenya in the town of Garissa against two churches, including a Catholic cathedral, during Sunday prayers, are a horrible and very worrying fact," spokesman Federico Lombardi said. He deplored that "among terrorist groups, attacks on Christians gathered on Sunday in their place of worship has become a method, believed to be particularly efficient, of spreading hatred and fear".

"The cowardice of the violence against helpless people gathered peacefully for prayer is unspeakable," he added.

Garissa is one of two major Kenyan towns near the border with Somalia. It lies just to the west of the Dadaab refugee camp, which houses about 500,000 Somali refugees.

Kenya has suffered a spate of bomb attacks since sending troops into southern Somalia last October to target Al Shabab rebels fighting to overthrow the government in the country.

* Associated Press and Agence France-Presse

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Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

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Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

Investors: Seed round was self-funded with “millions of dollars” 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
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  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

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The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5